TaxTMI 
TaxTMI 
Sukanya Samriddhi Account Rules, 2016
X X X X Extracts X X X X
X X X X Extracts X X X X
....the Sukanya Samriddhi Account opened in accordance with the provisions of these rules; (b) "Account holder" means a person in whose name the Account is held; (c) "Act" means the Government Savings Banks Act, 1873 (5 of 1873); (d) "Bank" means any branch of a public sector or private sector commercial bank authorized by the Government to open an Account under these rules; (e) "beneficiary" means an eligible girl child who is a resident Indian citizen at the time of opening of the account and remains so till the maturity or closure of the Account; (f) "deposit" means the money deposited by the guardian or by the Account holder in an Account ; (g) "family" means a unit consisting of a person and his spouse (both or either of whom are alive or deceased) and their children, adopted or otherwise; (h) "financial year" means the period starting on the 1st of April and ending on the 31st of March; (i) "guardian" means natural or legal guardian of the beneficiary; (j) "Government" means the Government of India in the Ministry of Finance; (k) "interest rate" means the rate, as may be notified by the Gove....
X X X X Extracts X X X X
X X X X Extracts X X X X
....in two or more surviving girl children. 5. Deposits. - (1) The Account may be opened with a minimum initial deposit of one thousand rupees and thereafter any amount in multiples of one hundred rupees may be deposited in an Account subject to the condition that a minimum of one thousand rupees shall be made as deposit in a financial year in one Account. (2) The total money deposited in an Account shall not exceed one lakh fifty thousand rupees in a financial year: Provided that the deposit in excess of one lakh fifty thousand rupees in any financial year shall, if accepted due to any accounting error, not be eligible for any interest: Provided further that such amount, which is deposited in excess of an annual ceiling of one lakh fifty thousand rupees, may be withdrawn anytime by the depositor. (3) Deposits may be made in an Account till the completion of a period of fifteen years from the date of opening of such Account. (4) An Account in which minimum amount as specified in sub-rule (1) has not been deposited shall be considered as an Account under default: Provided that an Account under default may be regularised on payment of a penalty of fifty rupees per....
X X X X Extracts X X X X
X X X X Extracts X X X X
....th day and the end of the month. 8. Operation of Account.- (1) The Account shall be operated by the guardian till the beneficiary Account holder attains the age of ten years or till the beneficiary Account holder attains the age of eighteen years. (2) The Account shall be operated by the beneficiary Account holder after such Account holder attains the age of eighteen years: Provided that the Account may be operated by the beneficiary Account holder after such Account holder attains the age of ten years. 9. Premature closure of Account.- (1) In the event of death of the Beneficiary Account holder, the Account shall be closed immediately, on the production of death certificate issued by the competent medical authority, and the balance at the credit of the Account and interest due thereon till the date of death shall be paid to the guardian. (2) If, after the opening of an Account, the Account holder becomes a non-citizen or non-resident of India, intimation to this effect shall be given by the guardian or the Account holder to the post office or the Bank concerned, as the case may be, within a period of one month from the date of such status of the Account holder....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n electronic form, provided the post office or Bank concerned has access to the facility of CBS. 11. Transfer of account.- (1) The Account may be transferred anywhere in India and from or to post offices and from or to Banks and between post office and Bank, free of cost on furnishing of proof of shifting of residence of either the guardian or the Account holder and otherwise, on payment of a fees of one hundred rupees to the post office or the Bank to which the transfer is made. (2) The process of transfer shall be effected electronically if the post office or the Bank concerned, has access to the facility of CBS. 12. Withdrawal.- (1) Withdrawal of upto a maximum of fifty per cent of the balance in the Account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of higher education of the Account holder: Provided that such withdrawal shall not be allowed unless the Account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier. (2) The application for withdrawal under sub-rule (1) shall be accompanied by a documentary proof in the form of a confirmed offer of ad....